Strategic Management Planning - Essay Example

In the future, I will apply this concept to generate ideas that maximize profits, revenue, and shareholder wealth. In this case, I will come up with strategies that minimize costs, reduce waste, meet the market demand and enhance customer satisfaction.

The other key concept in strategic management is analyzing the formulated strategies. This concept involves strategy formulation, monitoring, and implementation (Jeffs, 2008). In this case, the analysis will involve in-depth external and internal analysis of the weaknesses and strengths of a business. Strategy formulation requires taking a specific course of action that helps meet targeted goals. Strategy implementation requires management to put the formulated strategy into practice (Jeffs, 2008). Finally, strategy monitoring involves the evaluation of the implementation process to achieve the desired results (Jeffs, 2008). In the future, I will formulate strategies that facilitate the growth, sustainability, and expansion of my business. These strategies include keeping books of accounts and having focused management. I will implement my strategies by acquiring assets, operational machinery, and an efficient workforce. Finally, I will monitor the strategies by having a strong internal control framework. The internal control framework will include internal audits and effective risk assessment. I will also ensure that I adapt to the dynamic technological changes for quality services and products.